Sch 3Particular powers of Melbourne Water Corporation

Schedule 3—Particular powers of Melbourne Water Corporation **Corporation to maintain certain roads in Corio and Werribee** (1) The **Road Management Act 2004** applies to any road or portion of a road— (a) that is within the municipal district of the City of Wyndham; and (b) that is abutted on both sides by land owned by Melbourne Water Corporation; and (c) that is not a freeway or arterial road, within the meaning of the **Road Management Act 2004**— as if the road or the part of the road is a road within the meaning of that Act. (2) For the purposes of the **Road Management Act 2004**, the relevant road authority for the land to which subsection (1) applies is Melbourne Water Corporation, subject to any regulations for the purposes of section 37(1)(c) of that Act. Sch. 4 repealed by No. 110/1997 s. 16(2), new Sch. 4 inserted by No. 50/2010 s. 31, repealed by No. 23/2019 s. 115. Sch. 5 repealed by No. 54/1992 s. 56(h). Sch. 6 amended by Nos 22/1999 s. 6, 99/2005 s. 69, 85/2006 s. 134, repealed by No. 17/2012 s. 8(4). Sch. 7 amended No. 76/1998 s. 29(h), repealed by No. 85/2006 s. 135. Sch. 8 amended by S.G. (No. 26) 16.5.91 p. 2, Nos 130/1993 s. 122(Sch. 4 item 17.3), 110/1994 s. 41(Sch. 1 item 11.4), repealed by No. 110/1997 s. 16(5), new Sch. 8 inserted by No. 48/2003 s. 10, repealed by No. 85/2006 s. 135. Sch. 9 repealed by No. 54/1992 s. 56(i). Sch. 10 amended by S.G. (No. 27) 31.3.95 pp 1, 2, repealed by No. 110/1997 s. 16(6). Sch. 11 repealed by No. 85/2006 s. 136. Sch. 12 amended by No. 13/1990 s. 46(a)(b), repealed by No. 85/2006 s. 136. Sch. 12A inserted by No. 99/2005 s. 70. Schedule 12A—Recording mortgages of water shares 1 Recording of mortgages (1) If the owner of a water share mortgages it, a person may lodge with the Registrar a document for the recording of the mortgage to be made in the water register in respect of that share. Sch. 12A cl. 1(2) substituted by No. 85/2006 s. 137. (2) The owner of a water share must not mortgage an undivided portion of the water share. Sch. 12A cl. 1(2A) inserted by No. 85/2006 s. 137. (2A) The holder of a limited term transfer of a water share must not mortgage the limited term transfer of the water share. (3) A document lodged for the recording in the water register of a mortgage under subclause (1) must be in the approved form. (4) When the Registrar records a mortgage in the water register under this clause, that mortgage— (a) has effect as a security; (b) does not operate as a transfer of the water share to which it applies. Note to Sch. 12A cl. 1 inserted by No. 24/2013 s. 39. Sections 33W and 33X apply to mortgages recorded under this clause. 2 Variation of recorded mortgage of water share (1) The parties to a recorded mortgage of a water share may agree, in writing, to vary— (a) the terms of the mortgage; or (b) the principal sum or interest secured by the mortgage. (2) If the water share is subject to any subsequent recorded mortgage of a water share, the agreement in writing to the variation referred to in subclause (1) must be obtained from that subsequent mortgagee. (3) If a recorded mortgage of a water share is varied under this clause, the mortgagee may lodge with the Registrar a document for the recording of the variation to be made in the water register. (4) A document for the recording of a variation under subclause (3) must be in the approved form. (5) When the Registrar records a variation of a recorded mortgage of a water share under this clause in the water register, that mortgage has effect as varied from the time the document for the recording of the variation is lodged with the Registrar. 3 Variation of priority of recorded mortgages (1) The priority between or amongst themselves of the recorded mortgages of a water share may be varied from time to time, if each of those mortgages affects that water share only. (2) A variation under subclause (1) must— (a) be in the approved form; and (b) set out in the order in which the recorded mortgages of a water share affecting the water share concerned are to rank in priority; and (c) subject to this Act, be executed by the holder of each mortgage to be postponed to a mortgage over which it previously had priority. (3) On the recording of a variation referred to in subclause (1), the recorded mortgages of a water share— (a) have priority between or amongst themselves in the order set out in the approved form of variation; and (b) are deemed to have been recorded in that order. 4 Transfer of recorded mortgage (1) If a mortgagee of a water share transfers it to another person, the person transferring the mortgage may lodge with the Registrar a document for the recording of the transfer of the mortgage to be made in the water register in respect of that share. (2) A transfer of mortgage lodged under subclause (1) must be in the approved form. 5 Procedure in case of default in payment of money secured or covenant (a) default is made in the payment of the principal sum or the interest secured by a recorded mortgage of a water share or in the performance of any express or implied covenant in that mortgage; and (b) that default continues for one month or any other period expressly fixed in the instrument of mortgage— the mortgagee may serve notice in writing to pay the money owing or perform and observe the covenant (as the case requires) on— (c) the mortgagor; and (d) any other person who has a recorded mortgage of that water share; and (e) any person who is recorded in the water register as having a limited term transfer. (2) If money secured by a recorded mortgage of a water share is made payable on demand, a demand in writing under the mortgage is, for the purposes of this Act, equivalent to serving a notice under subclause (1). 6 Power of sale under a recorded mortgage (1) The mortgagee of a recorded mortgage of a water share, in good faith and having regard to the interests of the mortgagor or other persons specified in clause 5(1)(d) and (e), may sell the water share that is subject to the mortgage if the mortgagor or those other persons do not comply with that notice or demand— (a) within one month after the service of a notice or demand under clause 5; or (b) any other period fixed in the instrument of mortgage. (2) A mortgagee who exercises a power of sale under this clause may, in accordance with this Act— (a) sell the water share subject to any terms and conditions that the mortgagee thinks fit; and (b) make and sign any transfers; and (c) do any acts or things necessary for effectuating a sale. (3) In the case of a mortgage to which clause 26 of Schedule 15 applies, where the mortgage is over one or more persons' undivided portion in a share— (a) the mortgagee can exercise a power of sale under this clause in relation to that part of the share; and (b) the exercise of that power of sale does not divide the water share.